Furniture contracts came before savings accounts
Home Savings Bank's story begins before the date in its federal bank record. According to its official history, the business was founded in 1961 to finance furniture sales contracts for South East Furniture Company. In 1979 it changed from a finance company into an industrial loan corporation and began accepting savings deposits from the public. The FDIC institution record's January 1, 1979 establishment date therefore describes a different milestone from the predecessor business's 1961 beginning. [1][6]
Real-estate lending followed in 1982, and the institution joined the FDIC in 1986. The chronology explains how a specialized source of retailer financing developed into a deposit-funded property lender. Its current headquarters is at 3539 South Main Street in Salt Lake City. The state directory now lists Home Savings under state banks; its historical industrial-loan status should not be used to override that current classification. [1][4][7]
A family holding-company structure appears in public records
The Federal Reserve approved applications by JGS, Jr. Family Holding Corporation and DCB Family Holding Corporation on October 7, 2019 to acquire shares of Home Credit Corporation and indirectly acquire Home Savings Bank. The actions establish regulatory approval, rather than a fresh sale announced in 2026. Utah's June 2023 annual report subsequently listed the family holding companies above Home Credit Corporation and Home Savings Bank in its ownership hierarchy. [3][8]
That chain matters because the insured bank and companies above it are different legal entities. The financial snapshot here concerns Home Savings Bank, FDIC certificate 26798. It does not consolidate the assets or business interests of family shareholders, and it should not be combined with similarly named savings banks in other states. The reviewed current customer pages do not supply an updated percentage ownership table. [6]
Deposits support a focused mortgage business
The bank's current homepage emphasizes residential and commercial mortgages, while its banking page lists certificates of deposit, IRA term deposits and money-market accounts. It offers both branch-opened and online CD accounts. The published online terms distinguish account-opening requirements and electronic servicing from the terms applying to other accounts. Those details indicate a deposit business that can be accessed remotely despite the institution's limited physical footprint. [2][9]
Its savings products and property lending connect two sides of the same balance sheet. Depositors provide funding; mortgages and other property-secured loans produce interest income over their repayment lives. The timing of deposit maturities and loan repayments therefore matters to the business, although the selected public data do not provide enough maturity detail to measure the bank's interest-rate sensitivity. This is a description of the funding mechanism, not an estimate of hidden losses. [2][5][9]
Real estate dominates the reported loan categories
At June 30, 2026, the bank reported $93.514 million in real-estate-secured loans and $92.516 million in net loans and leases. The two figures are not contradictory: the net figure incorporates accounting adjustments such as the allowance for credit losses. Commercial and industrial loans and consumer loans were both reported as zero in the selected FDIC categories. That does not mean households were absent from its customer base, since residential mortgages sit within real-estate lending. [5]
The report also showed no or leases and no net during the first six months of 2026. These are dated reported outcomes, not a promise that the loans cannot lose value. The aggregate property balance alone does not reveal the breakdown among residential mortgages, construction and commercial properties, or the financial position of particular borrowers. [5]
A compact operation requires precise financial comparisons
The $76.385 million deposit balance was lower than the bank's $92.516 million net loan-and-lease balance at midyear. Equity and other liabilities also finance a bank's assets, so loans exceeding deposits do not by themselves establish a cash shortage. Conversely, the presence of equity does not show that assets could all be liquidated promptly at their carrying value. A full assessment would require information beyond this selected financial snapshot. [5]
The bank's contact page maintains separate banking and mortgage telephone lines and a physical Salt Lake City office. That is consistent with the more focused operation described in its product pages. The historical shift from furniture contracts to property loans remains the clearest documented explanation of today's bank, with current financial results offering a check on its scale rather than grounds for an invented expansion or acquisition narrative. [1][2][4]
The bank at midyear 2026
At June 30, 2026, Home Savings Bank reported $108.776 million in assets, $76.385 million in deposits, $92.516 million in net loans and leases, and $16.713 million in equity capital. Net income for the six months ended June 30 was $0.495 million. These are figures for the insured bank, not a consolidated parent; the income number covers January through June rather than the second quarter alone. [5]
Deposits equaled 70.2% of assets, and net loans and leases equaled 121.1% of deposits, calculated from the same report. Equity equaled 15.4% of assets. That last measure is a simple accounting ratio, not a regulatory risk-based capital ratio. The relationships describe the balance sheet at one date; they do not establish how quickly deposits might leave or how readily loans could be sold. [5]
Sources
- Home Savings Bank: official history from furniture finance to property lendingSourceBack to text: ↑1↑2↑3
- Home Savings Bank: deposit products and online-account terms; reviewed October 6, 2026SourceBack to text: ↑1↑2↑3
- Federal Reserve: holding-company approvals, October 7, 2019Official releaseBack to text: ↑
- Home Savings Bank: office and contact details; reviewed October 6, 2026SourceBack to text: ↑1↑2
- FDIC quarterly financial data: bank-level balances at June 30, 2026 and first-half 2026 income; dollars reported in thousandsOfficial sourceBack to text: ↑1↑2↑3↑4↑5↑6
- FDIC BankFind: Home Savings Bank, certificate 26798; active Utah headquarters record reviewed October 6, 2026Official sourceBack to text: ↑1↑2
- Utah Department of Financial Institutions: institution directory, July 2026 workbookOfficial sourceBack to text: ↑
- Utah DFI: 2023 annual report, holding-company hierarchy at June 30, 2023Filing / report · PDFBack to text: ↑
- Home Savings Bank: current residential and commercial mortgage offeringSourceBack to text: ↑1↑2